The S&P 500 and NASDAQ index both opened in the green today after retail sales for October came in ahead of expectations. Amid the optimistic broader market, five stocks, TESARO Inc (NASDAQ:TSRO), JinkoSolar Holding Co., Ltd. (NYSE:JKS), Alphabet Inc (NASDAQ:GOOG), American Airlines Group Inc (NASDAQ:AAL), and Delta Air Lines, Inc. (NYSE:DAL), are trending for various reasons.
Let’s find out why each is in the spotlight and analyze hedge fund sentiment towards them.
At Insider Monkey, we track around 730 hedge funds and institutional investors. Through extensive backtests, we have determined that imitating some of the stocks that these investors are collectively bullish on, can help retail investors generate double digits of alpha per year. The key is to focus on the small-cap picks of these funds, which are usually less followed by the broader market and allow for larger price inefficiencies (see the details here).
TESARO Inc (NASDAQ:TSRO) shares are 10.8% in the red after the company announced that it has priced a public offering of 1.75 million shares of common stock at $135 per share. In addition, Tesaro has also granted underwriters an option to buy up to 262,500 more shares. Of the 749 elite funds we track, 28 funds owned $432.9 million of TESARO Inc (NASDAQ:TSRO) and accounted for 11.20% of the float on June 30, versus 19 funds and $281.63 million respectively on March 31.
JinkoSolar Holding Co., Ltd. (NYSE:JKS) has rallied 3% after the company completed the spin-off of its downstream business. Specifically, JinkoSolar has finished the sale of all of the 55% equity interest it indirectly held in Jiangxi JinkoSolar Engineering Co., Ltd., a developer and operator of solar power projects in the People’s Republic of China, to Shangrao Kangsheng Technology Co., Ltd. In return, JinkoSolar received $250 million in cash. The number of elite funds with holdings in JinkoSolar Holding Co., Ltd. (NYSE:JKS) fell by 2 quarter-over-quarter to 4 at the end of June.
On the next page, we find out why traders are talking about Alphabet Inc, American Airlines Group Inc, and Delta Air Lines Inc.